Monthly subscriptions fell to a fraction of the prior reading even as the fund held its distribution and trimmed leverage.

June 29, 2026

New Mountain Private Credit Fund saw its monthly capital intake drop sharply in June, selling roughly 2,147 common shares for about $0.1 million during the period, at a price of $23.29 per share. That marks a steep decline from the fund’s April subscription activity, when it placed more than 55,000 shares for approximately $1.3 million. The shares were sold under the private placement exemptions of Section 4(a)(2) and Rule 506 of Regulation D, consistent with the fund’s continuous monthly offering structure.

Distribution Held Steady

The Board of Trustees declared a regular distribution of $0.19 per share on June 26, holding the payout level with prior months. The distribution is payable to shareholders of record as of June 30 and is scheduled for payment on or about July 31. Shareholders enrolled in the reinvestment plan may take the distribution in cash or as additional shares.

Balance Sheet as of May 31

The fund reported the following position at month-end:

• NAV per share: $23.29, edging down from $23.37 reported earlier in the spring
• Aggregate NAV: approximately $963.9 million
• Investment portfolio fair value: approximately $1,891.5 million
• Outstanding debt at principal: approximately $1,000.8 million
• Average debt-to-equity leverage ratio for May: approximately 1.03 times, down from 1.09 times in March

The portfolio’s lower fair value alongside reduced borrowings points to a modestly more conservative balance sheet heading into the summer.

Debt Capacity and Offering Outlook

Committed debt capacity remained at approximately $1,510.0 million, entirely floating rate, split 78% secured and 22% unsecured on drawn amounts. The fund continues to classify certain notes as floating rate through interest rate swaps that convert fixed payments to floating.

Management reiterated its intent to continue offering shares on a monthly basis. The disclosed subscription totals exclude shares issued through the reinvestment plan.